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Summary: An accounting balance sheet consists of assets, liabilities and owner equity. Learn about how assets and liabilities can be divided into current and long term variations with help from an accountant in this free video on accounting balance sheets.
Spencer Cottam and Jeannine Smith work together at Account Team in Salt Lake City, Utah.read more
"Hi my name is Jeannine Smith. I'm with Account Team here in Salt Lake City and I'd like to talk to you a little bit about balance sheets and how to set those up. A balance sheet consists of assets, liabilities and owner equity. Assets would be those things that have monetary value in a company. They can be divided into current assets and long term assets. A current asset would be something like cash. A long term asset would be more of like a building or a vehicle or any kind of equipment that you'll have long term. Liabilities consist of also current and long term liabilities. Current liabilities include those things such as taxes or employee benefits. Those things that you have in holding that you are anticipating paying out soon. Typically the difference between a current liability and a long term liability is if whether or not it's within a year. If it's within a year you'll consider it a current liability. Anything over a year is typically considered a long term liability."
eHow Article: About Accounting Balance Sheets
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